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China's cotton purchase and release to conclude on Mar 31
05 Mar '13
1 min read
The temporary cotton purchase and storage plan 2012-13, as well as the release of state cotton reserves would conclude on March 31, 2013.
In addition to the two plans, the Chinese Government had also launched release of old cotton from its reserves, i.e. the cotton purchased by it for reserves in or earlier to 2011, from January 14 this year to meet the growing demand of textile enterprises. The price for cotton grade 3 was set at 19,000 yuan/ton under this plan.
In January 2013, China imported 457,000 tons of cotton, registering a year-on-year increase of 131,000 tons, or an increase of 40.1 percent, according to statistics from the General Administration of Customs.
The huge increase in cotton imports was mainly due to the gap of about 5,000 yuan/ton in prices of cotton in domestic market and that procured from international market.
In 2012, China’s cotton imports totaled 5.137 million tons, up 52.7 percent year-on-year. The volume of import of cotton, by paying full tariff outside the import quota, also increased by 2.6 times year-on-year to touch 326,000 tons during the year.
Fibre2fashion News Desk - China
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